Archive for the ‘California Transition’ Category

Welcome I’m Mike Rigley, certified default advocate, distressed property expert and short sale specialist in the Elk Grove area. Welcome to our video blog; as default advocates and short sale specialists, we want homeowners to be aware of all of their choices. Whether you are in default on your mortgage, dealing with foreclosure or you owe more than your house is worth, we are here to help.

Today we’re talking about the Keep Your Home California Transition Assistance Program, also known as TAP. Let’s say none of the other Keep Your Home California programs worked out for you, or perhaps you did not qualify, whether you chose to short sale or do a deed in lieu, you may be eligible for TAP.

TAP provides one time funds of up to $5000 to help eligible homeowners move into a new housing situation after executing a short sale or deed in lieu. To be eligible the homeowner must be a low to moderate income household as follows: you must be in the low to moderate income bracket of 120% or less of the housing and community development area median income. 120% of the housing and community development median income for a family of four in the Elk Grove area is currently around $91,000 a year. You will have to sign and complete a hardship affidavit third party authorization document saying the reason for the hardship and you must furnish all required paperwork to fulfill program guidelines and your mortgage is delinquent or in risk of imminent default. Loans in foreclosure are eligible, of course if you short sale or deed in lieu, those transaction types fall within the terms. Unfortunately, homeowners that are in active bankruptcy are not qualified for TAP.

If you’re doing a short sale, you meet these criteria and your bank does not offer relocation assistance, make sure to contact Keep Your Home California for help. Your short sale agent should be familiar with the program, but if they don’t, it’s important to follow up. Currently 26 lenders are participating in TAP. To see if your lender is participating in TAP and if you are eligible, please call our office for a complimentary confidential consultation. As certified default advocates and short sale experts in the Elk Grove area, it’s important to us that you are aware of all of your alternatives.

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

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